Diversified property group Mirvac has sold a half share in its signature Olderfleet development in Melbourne at a benchmark price that will help re-rate premium office values in Australia's east coast office market.

Currency & Financial

Westpac set to sell Hastings Management to Charter Hall Group

The Australian, 24 July 2017

Westpac (WBC) says it is in exclusive talks with Charter Hall Group over the bank’s sale of Hastings Management, a global infrastructure-assets business with funds under management of about $14.3 billion.

Private equity powerhouse Pacific Equity Partners is poised to kick off the year’s largest industrial and logistics sale with the offer of a $300 million-plus portfolio of assets sporting long leases to its Allied Pinnacle business.

Resources

Offshore renewable investment soars amid clean energy debate

The Australian, 24 July 2017

Debate over the Clean Energy Target is tearing the federal Coalition apart, but a growing number of European firms in the renewable space are moving into Australia and are active buyers of land in Queensland and northern NSW.

Swiss miner Glencore and the Chinese-controlled Yancoal Australia could reap more than $US200 million ($250m) of annual savings in a deal that should realise Glencore chief Ivan Glasenberg’s long-held plan to consolidate the Hunter Valley coal industry.

Retail & Tourism

Australia moves up Chinese travel bucket list

The Australian, 24 July 2017

Australia has leapt up the bucket list of Chinese tourists to the fourth most desirable destination, from tenth just two years ago — following the extension of access by providing 10-year frequent-traveller visas.

Infrastructure and Transport Minister Darren Chester says Australia “has to learn from the China experience” in transport development, especially from its rapid creation of the world’s largest high-speed rail network.

Virgin Australia Holdings Ltd., the airline part-owned by HNA Group Co., aims to add two routes to mainland China to tap into the Chinese backer’s aviation hubs and the record flow of visitors heading Down Under.

China Domestic

On July 26, Terry Gou, the chairman of Foxconn — the Taiwanese electronics manufacturing company and supplier for Apple and other tech giants — met with U.S. President Donald Trump at the White House and announced his big plan for opening a new factory in Wisconsin. The next day, China replied that Foxconn’s investment in mainland China wouldn’t be affected.